What happens if I sell my house for less than its worth?
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What happens if I sell my house for less than its worth?
When you sell your home for significantly less than its fair market value, the IRS considers the value of that reduction as a taxable gift to your relative—even if no actual cash changes hands.
How can I sell my house if I owe more than it’s worth?
Can you sell your house if you owe more than it’s worth? Yes, you can, but depending on your state, you may still be responsible for the remaining portion of the loan. In a short sale, it may be possible to get the lender to sign a waiver of deficiency, which means you’re free and clear at the end of the sale.
Can you sell a house under value?
The answer is yes you can sell your house for any price. But the top end price is governed by the market. There’s nothing to stop you from selling your house for any price that a willing buyer is prepared to pay for it. This is true even if that price is either above or below your home’s fair market value.
Can you sell your house for whatever price you want?
You can sell your house for any price you want (provided you can find a willing buyer to pay that price). There’s an adage in real estate that says: “The real price of a home is what a willing buyer will pay for it.” In any transaction you need both a willing seller and a willing buyer.
Does a high appraisal need to be shared with seller?
Lender from Oakland, CA. If the appraisal comes in high, HELL NO you do not share it with the sellers!!! You have zero incentive to share something that they could use to negotiate the price upwards. If the appraisal comes in right at value, you do not share it with the sellers.
Does seller have to disclose appraisal to buyer?
A: An appraisal is generally considered a professional opinion of the market value of a property, not a fact. Although it’s both legally and ethically necessary to disclose a material fact, the same requirement doesn’t apply to an opinion.
